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WTI oil making its way to lowest point of this year?The commodity is near a key are of support right now, so let's see if today's US economic data can continue boosting the US dollar. If so, WTI oil may end up traveling further south. EASYMARKETS:OILUSD TVC:USOIL Disclaimer: easyMarkets Account on TradingView allows you to combine easyMarkets industry leading conditions, regulated trading and tight fixed spreads with TradingView's powerful social network for traders, advanced charting and analytics. Access no slippage on limit orders, tight fixed spreads, negative balance protection, no hidden fees or commission, and seamless integration. Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. easyMarkets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
EASYMARKETS:OILUSD
by easyMarkets
Potential bearish drop?USO/USD has reacted off the resistance level which is an overlap resistance that lines up with the 38.2% Fibonacci retracement and could drop from this level to our take profit. Entry: 69.05 Why we like it: There is an overlap resistance level that aligns with the 38.2% Fibonacci retracement. Stop loss: 70.48 Why we like it: There is a pullback resistance level that is slightly below the 61.8% Fibonacci retracement. Take profit: 66.91 Why we like it: There is a pullback support level. Enjoying your TradingView experience? Review us! Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Everest Fortune Group’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Everest Fortune Group.
VANTAGE:USOUSDShort
by VantageMarkets
WTI set for breakdown amid supply, demand concernsAlthough oil prices were trading higher at the time of this writing, it is becoming increasingly difficult to foresee a big rally at this stage, without any supply-side shocks. WTI's price action has been quite heavy as it continues to make lower lows and lower highs. While it has held its own around the December 2023 levels of around $67.00 to $68.00 area, this could prove to be a temporary respite before we potentially see a bigger breakdown. Not only has oil broken the key $69.30 to $70.00 support range, which is now holding as resistance, sentiment towards oil is increasingly turning bearish amid growing signs of excess surplus from non-OPEC. Indeed, the oil market is heading for a surplus next year, according to the IEA. The agency is forecasting an excess of over a million barrels per day, mainly due to faltering demand from China. Once the driver of global oil consumption, China has seen demand shrink for six consecutive months, largely as its economy pivots to electric vehicles and high-speed rail. Growing supplies from the US, Brazil, Canada, and Guyana keep the market well-supplied, says IEA. Demand growth this year and next will stay subdued due to slower economic growth and clean energy transitions. OPEC+ plans to cautiously restart production, with a 180,000-barrel-per-day increase set for January, though they’ll reassess in December. With supply growth outpacing demand, the market is likely to stay comfortably stocked well into 2025. Against this backdrop, crude oil looks set for a sharp drop after drifting lower in recent weeks. By Fawad Razaqzada, market analyst with FOREX.com
FOREXCOM:USOILShort
by FOREXcom
OIL Completes Inverse Head and Shoulders PatternOIL Completes Inverse Head and Shoulders Pattern OIL recently completed an inverse head and shoulders pattern. The bottom of the pattern was reached yesterday at 66.9 during the release of the US CPI data, followed by an aggressive growth. Today, OIL confirmed this new bullish pattern, indicating increased bullish momentum. If the bulls manage to hold the price above 68.8, we could see oil rising further, as shown on the chart. Target zones include 69.9, 71.4, and 72.0. You may find more details in the chart! Thank you and Good Luck! ❤️PS: Please support with a like or comment if you find this analysis useful for your trading day❤️
TVC:USOILLong
by KlejdiCuni
4
USOIL Will Grow! Buy! Take a look at our analysis for USOIL. Time Frame: 6h Current Trend: Bullish Sentiment: Oversold (based on 7-period RSI) Forecast: Bullish The market is approaching a significant support area 68.870. The underlined horizontal cluster clearly indicates a highly probable bullish movement with target 70.475 level. P.S Overbought describes a period of time where there has been a significant and consistent upward move in price over a period of time without much pullback. Like and subscribe and comment my ideas if you enjoy them!
BLACKBULL:WTILong
by SignalProvider
1
WTI - Oil waiting for stabilization of regional conditions?!WTI oil is below the EMA200 and EMA50 in the 4H time frame and is moving in its downward channel. If the correction process continues and the resistance range is broken, you can first look for buying positions and then look for oil selling positions in the ceiling of the channel. The Wall Street Journal analysis indicates that Donald Trump, the U.S. President-elect, intends to impose severe sanctions on Iran and restrict its oil sales. This move is part of an aggressive strategy to reduce Tehran’s support for its affiliated groups in the Middle East and to curb its nuclear program. During his first term, Trump withdrew from the Iran nuclear deal (JCPOA) and implemented a “maximum pressure” strategy. This analysis is from The Wall Street Journal. Senior commodity analysts at TDS suggest that risks related to the Middle East are significantly underpriced. TDS analysts point out that the resolution of the current round of Middle East tensions could lead to reduced supply risks in the energy market. In this regard, OPEC’s recent decision to delay additional oil supply has had only a limited impact on increasing supply risk and may not be sufficient in the medium term. According to analyses, if geopolitical stability regarding oil supply continues, there remains a likelihood of price declines. TDS analysts also caution that threats such as the potential intensification of oil sanctions against Iran by President-elect Donald Trump could disrupt regional oil flows severely, as he might return to the “maximum pressure” policy on Tehran. The Israeli Foreign Minister has stated that Israel is prepared to continue the Gaza war until its objectives are fully achieved. Progress has been made in ceasefire talks with Lebanon, though the main challenge will be implementing the agreements. The most critical issue for the region’s future is preventing Iran from obtaining nuclear weapons. An Israeli senior official mentioned, “If Hezbollah does not accept the ceasefire, stronger military and operational plans have been prepared, which could include expanding control over more areas in Lebanon.” Meanwhile, Russia is reportedly considering merging its major oil companies, including Rosneft, Gazprom Neft, and Lukoil, to create the world’s second-largest oil producer after Aramco. This merger could provide greater control over global energy markets and support Russia’s economy amid wartime conditions. However, the proposal faces opposition from some Rosneft and Lukoil executives and challenges in securing financing for Lukoil shareholders. Kremlin officials and company executives have denied knowledge of such a plan, and details of the proposal remain unclear.
TVC:USOILLong
by Ali_PSND
WTI Oil D1 | Falling to multi-swing-low supportWTI oil (USOIL) is falling towards a multi-swing-low support and could potentially bounce off this level to climb higher. Buy entry is at 67.44 which is a multi-swing-low support. Stop loss is at 65.10 which is a level that lies underneath a swing-low support. Take profit is at 72.17 which is a swing-high resistance that aligns with the 50.0% Fibonacci retracement level. High Risk Investment Warning Trading Forex/CFDs on margin carries a high level of risk and may not be suitable for all investors. Leverage can work against you. Stratos Markets Limited (www.fxcm.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 64% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Stratos Europe Ltd (www.fxcm.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Stratos Trading Pty. Limited (www.fxcm.com): Trading FX/CFDs carries significant risks. FXCM AU (AFSL 309763), please read the Financial Services Guide, Product Disclosure Statement, Target Market Determination and Terms of Business at www.fxcm.com Stratos Global LLC (www.fxcm.com): Losses can exceed deposits. Please be advised that the information presented on TradingView is provided to FXCM (‘Company’, ‘we’) by a third-party provider (‘TFA Global Pte Ltd’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by TFA Global Pte Ltd. The speaker(s) is neither an employee, agent nor representative of FXCM and is therefore acting independently. The opinions given are their own, constitute general market commentary, and do not constitute the opinion or advice of FXCM or any form of personal or investment advice. FXCM neither endorses nor guarantees offerings of third-party speakers, nor is FXCM responsible for the content, veracity or opinions of third-party speakers, presenters or participants.
FX:USOILLong
by FXCM
WTI CRUDE OIL: confirmed bottom formation. Buy and target 77.50.WTI Crude Oil is bearish on its 1D technical outlook (RSI = 42.429, MACD = -0.380, ADX = 24.190) but that bearish sentiment is the ideal buy entry as the price hit today the top of the S1 Zone and stayed supported, extending the sideways price action of the last 2 days. The 4H RSI is on HL, which has been the distinct characteristic of all prior 3 bottoms. Being on the 0.236 Fibonacci level, we expect a strong rebound to start even as soon as tomorrow, to test the bottom of the R1 Zone (TP = 77.50). ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
TVC:USOILLong
by InvestingScope
1
USOIL YEARLY OUTLOOK Will the US post-election continue to impair the oil price? The election of Donald Trump has changed the dynamics of the market, causing oil prices to drop, with more negative pressure anticipated. Global purchasers now pay more for oil due to a rising US dollar, which exacerbates concerns over oversupply. Since recent economic measures have not yet produced immediate stimulus, China's demand outlook remains poor. USOIL formed a weekly and daily Head-and-Shoulder pattern, signaling a continuation of bearish pressures. If USOIL breaks below 68 - 62 necklines(blue and yellow bar), the price may continue its bearish movement to the nearby major support of 43 - 33 On the contrary, if USOIL remains above 68.00, the price may trade within the 68.00-84 range until an apparent breakout occurs.
FX:USOILShort
by Money_Pips
WTI crude Wave Analysis 13 November 2024 - WTI crude oil reversed from the multi-year support level 66.70 - Likely to rise to resistance level 70.00 WTI crude oil recently reversed up from the powerful multi-year support level 66.70 (which has been repeatedly reversing WTI from the end of 2021, as seen from the weekly WTI chart below). The support level 66.70 was strengthened by the nearby lower daily and the weekly Bollinger Bands. Given the strength of the nearby support level 66.70 and the bullish divergence on the weekly Stochastic indicator, WTI crude oil can be expected to rise to the next resistance level 70.00.
FX_IDC:USDWTILong
by FxProGlobal